January 2013

There are 11 blog entries for January 2013.

A $62 million, five-storey building the Alta City House, will be the newest complex west of Denver Union Station.  Financing the project is the USAA Real Estate Co. while East West Partners are heading the construction of the complex.  This will be the fourth project of the firm in recent years. The project is expected to be finished by 24 months.  Paul T. Bergner Associates will be the one working on the architecture side of the project.  The civil engineers handling the landscape architecture will be Norris Design and Harris Kocher Smith.

The firm already has a total of 1,196 units under construction or completed.  The list includes Alta Harvest Station in Broomfield, Alta Alameda Station in Baker District (west of South Broadway in Denver), and Alta…
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An urban redevelopment project located at 1801 Chestnut St., Alta City House, Denver Colorado is about to begin.  The construction of a 281-unit luxury apartment complex will rise west side of Denver.  This will be five stories high and will occupy an entire city block.  USAA Real Estate, East West Partners and Wood Partners are the ones teaming up on this ambitious project. 

Tim McEntee, Director of Wood Partners, said that the land purchase included a special gateway.  A bridge connects the site to the Riverfront Park and the Union Station.  And about a hundred feet is a newly relocated light rail platform.  The building will be in the middle of the Union Station.  The Alta City House is expected to be one of the most interesting and exciting complex…
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Strong recovery for Denver’s lavish homes is felt during the last quarter of 2012, especially in the month of October where residential estate sales doubled compared to last year.  Homebuyers grabbed up to 73 homes that has a value of $1 million or even higher during this month.  During the same month last year, only 37 residential properties were sold that had an average price of $1.31million.  

Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado, said in an interview that high-priced homes are still going strong in the market.  Now, the existing challenge in the marketplace is increasing the supply of these types of homes to keep up with the rising demand.  

Records show that a 3.9% month-over-month decline is seen after 4.8% dip…
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Sales of luxury homes and residences starting at $1 million and above rose on a yearly basis in the Denver area this November, somehow compensating for the seasonal slowdown that finally hit the metro’s residential real estate market.

Based on MLS (multiple listing system) realtors’ data, fifty-nine luxury homes and condo units were sold in Denver this November, a robust 37 percent gain from a year ago, but representing a 16 percent decline from the sixty-nine resales achieved in October 2012. Total dollar value of closed sales for luxury properties this November amounted to $91.2 million, a 42 percent jump from the $52.7 million total in November 2011.

The slight drop from the month before was to be expected, and just shows that the seasonal downturn has

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University of Denver student, Robert Hatch III, does it and so does broker Larry Simpson with Denver’s Fuller Sotherby’s.  Results of both efforts are different however the methods used as similar.  Both are house flippers. 

Colorado and the whole nation have seen the comeback of house flipping with the improvement of the real estate market.  Flipping is the simple process of buying a house, which could be a foreclosure or one that needs repair, and repairing it so it could be re-sold within months to earn profit. 

According to the report from RealtyTrac, there are about 100,000 homes in the US that were flipped during the first two quarters of 2012, a 25% increase compared to the same period of the prior year. 

Interestingly, locals

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Nowadays, homeowners pick a neighborhood, which features cool lofts, condos, and buildings that reflects their unique personality.  They refuse to have one of those cookie cutter homes lining the streets that are seen in the neighborhoods they grew up from.  In the Denver area, finding a home can be a bit daunting. 

Denver has several urban neighborhoods.  The neighborhoods feature excellent lofts, condos, and buildings with their own charm and uniqueness.  These neighborhoods are also situated near bars, restaurants, museums, shops, and several hotspots.  In Denver, there are five leading urban areas and these include the following:

 
  • Lodo:  Lodo or lower downtown is synonymous with Denver’s nightlife.  The area has several sports bars,
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IBC Holdings LLC from Denver has purchased a 1.2M-sq.ft. industrial building in Westminster, which used to be home to 5,000 tech employees. 

The building was purchased as a joint undertaking with Boston-based Long Wharf Real Estate Partners LLC.  The building is home to Avaya, a research & development facility built by Western Electric in 1970. 

Jason Addlesperger, Dave Lee, and Frank Frederick of Newmark Knight represented both the buyers and sellers. 

According to Brian Mott, Managing Director of IBC, the building will offer state-of-the-art facilities to office and industrial users.  The addition of a multifamily component and industrial buildings facing Huron and Pecos streets are also being considered. 

New Jersey-based

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Denver’s Adoba Eco Hotel & Suites, a local hotel developer, recently gained financial boost after it received a $75M investment from Delaware’s M1T Partners LP for its expansion. 

An SEC Registered Investment Advisory, M1T uses funds to invest in underfunded opportunistic projects, developmental projects, as well as special situations, as mentioned in a news release. 

Adoba President and CEO, Jim Henderson stated that the company is able to create LEED-certified hotels through the construction of new buildings or by renovating existing ones, enabling the creation of green jobs and for the next five years, which will revolutionize the hospitality sector. 

Adoba calls itself the hotel sector’s first self-sustaining LEED certified hotel

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Both home sales and home prices are continuing its upward trend that started last year.  Average home prices went up by 2.1% and closed transactions also shot up by 17.8% compared to last year’s levels, according to the October RE/MAX National Housing Report.  The continuing drop in inventory is a significant issue in several markets.  Low inventory levels has resulted in higher prices and limited the choices for homebuyers.

Margaret Kelly, CEO of RE/MAX, LLC said that as fourth quarter of 2012 ends the market is still showing a considerable increase in prices and sales in the Denver area.  But she also said that this kind of recovery is still unstable.  The strength of the market will still depend on inventory supply, reasonable lending,

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Target LogoTamarac Square is the site for the new Target store that will open in July 2013.  It will be located at the South Tamarac Drive corner of East Hampden Avenue.  The new Tamarac Square location will provide its clients daily essentials that Target is known for.  It will also have an expanded food selection including fresh meat, fresh produce, baked goods, a pharmacy and Starbucks.  Target also announced its plans to open 11 more U.S. Target Stores in 2013. 

 

A job fair will be put into action two months before the store opens.  The new store will generate 200 jobs in the area.  Mark Everett, group director of Target stores, expresses his excitement on bringing over an additional Target store to Denver.  He said that the additional new jobs will

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